In Summary
- Those who have defaulted will be tamed
- Defaulters cannot make a second transaction
President William Ruto has declared that individuals who had defaulted on their individual loans on the hustler fund would not be eligible to access the second phase of the fund which is the group loan
Speaking in Kwale County, He stated that those with pending payments on the platform would not be able to proceed with a second transaction until they had settled their outstanding debts.
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“You cannot escape that. Even when you plan I am not sleeping, I am also planning on my end. Even if it were you, if a person has made away with Ksh.500 will you give them Ksh.20, 000?”
He asked.
Ministry of Cooperatives Data
According to the Ministry of Cooperatives, the Hustler Fund had shown impressive progress since its inception.
As of June this year, a substantial sum of 31.5 billion shillings had been disbursed, providing much-needed support to countless aspiring entrepreneurs.
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“You’re the one to decide if you want to borrow first pay the amount you went away with. You have nobody to blame, the opportunity you will destroy it yourselves,”
The President said.
Loan repayments reached 21.2 billion shillings while the savings account associated with the fund also saw growth, amounting to 1.5 billion shillings.
20,000 groups enrolling within hours of its launch in June. Among these groups, 4,504 had successfully completed the processing, making them eligible to benefit from the fund’s support.
The President originally unveiled the second product of the Hustler Fund during the Madaraka Day celebrations in Embu.
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